Tesla is testing key resistance near $300

The company announced Wednesday that while it missed
first-quarter productions targets, it expects to hit its Q2
target of 5,000 Model 3s per week.

Tesla also said it won't need another capital raise
this year.

Tesla shares are up more than 4% at $300 apiece Thursday morning
and are testing key overhead resistance.

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The gains come as shares continue to squeeze higher despite
Wednesday's announcement that
Model 3 production figures missed targets. The electric-car
maker produced 2,020 Model 3 vehicles in the last week of its
first quarter after targeting 2,500.

Tesla said it expects to meet its second-quarter target of
producing 5,000 Model 3 sedans each week and that it won't need
to raise additional capital this year, aside from "standard
credit lines."

Traders are paying close attention to the $300 level. Tesla
shares withstood several tests of that area over the past year
before the recent barrage of bad news finally caused support to
give way.